Colliers Manufactured Housing & RV Group is pleased to present Victoria Texas MHC Development, a fully entitled 305 lot manufactured housing community development project. The property is a unique opportunity to build a new MH community in a fast-growing Texas market. The property is located in one of the most attractive areas of Victoria near major retail and easy access to employment nodes.

Well Located: The property is located between two new subdivisions ($300k+) and is within a 10 minute drive from the city's best retail offerings, golf courses and schools.

Strong Market: The Victoria MSA has 200,000+ population and is strategically located less than 2 hours from several major cities in Texas, has three ports and many major employers such as Catepillar, Formosa Plastics, DOW Chemicals, etc. The area continues to grow with a new $5.5B refinery (largest in 30 years) recently being announced.

Construction Ready: Estimated building costs of $9,100,000 ($30k/lot) based on engineering estimates. The property is fully entitled and soon to be permit-ready.

Pro Forma: Assuming a $1,100 lot rent and 95% stabilized occupancy with a 31% expense ratio we estimate an untrended NOI of $2,766,930.

Underwriting: Projecting an exit in year 4, $50,500,000 ($165,574/lot) at a 6.5% cap rate will deliver a 31% levered IRR and 2.2x equity multiple.

Offering Site: https://www.crexi.com/properties/912330/texas-victoria-texas-mhc-development

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